CultureMap Austin reports, "with median home prices sitting at $550,000, it takes quite the leap for the average Austin home to be considered a luxury listing. And yet there are many; 24.7 percent of all real estate listings in Austin are homes worth over $1 million, according to a new study.
The report, by online real estate marketplace experts Point2, ranks Austin No. 10 nationwide among U.S. cities with the highest shares of luxury homes. Austin ranks No. 1 in Texas, with Dallas and Houston right behind.
In Point2's 2021 report, Austin ranked No. 9 with only 19.9 percent of real estate listings with a price tag for more than $1 million. These new findings confirm that Austin is on the rise as the best housing market for growth, while also opening up possibilities for redefining what the term "luxury" means for real estate in 2023.
"Once used to describe famous estates recognizable by name alone or opulent residences redefining the apartment concept, luxury may now be reduced to a convenient location and cushy amenities," the report says. "Its meaning varies even further when analyzing different-sized markets across the United States, beyond the well-known house-hunting grounds of affluent home seekers."
Here's how other Texas cities stacked up behind Austin with listings selling for over $1 million:
- No. 12 – Dallas (22 percent)
- No. 18 – Houston (11.4 percent)
- No. 25 – Fort Worth (3.4 percent)
- No. 26 – San Antonio (2.9 percent)
- No. 29 – El Paso (1.8 percent)
The study looked at all available real estate for sale in the 30 largest, mid-size, and smallest cities in the United States, and categorized the listings by their $1-million-plus price tags. The largest cities also were analyzed for active real estate listings worth over $5 million.
The study admits that luxury homes worth over $5 million are the true indicator of what "real luxury" looks like specifically for the largest American cities. In Austin, only 1.5 percent of real estate listings fit that criteria, earning the city No. 9. Dallas, with 1.8 percent, lands just ahead of Austin, at No. 8.
The top 10 largest cities in the U.S. with the highest shares of luxury real estate listings worth over $5 million are:
- No. 1 – Los Angeles, California (11.6 percent)
- No. 2 – Boston, Massachusetts (9.4 percent)
- No. 3 – San Diego, California (7.6 percent)
- No. 4 – New York City, New York (7.4 percent)
- No. 5 – San Francisco, California (7.1 percent)
- No. 6 – Washington, D.C. (2.1 percent)
- No. 7 – Seattle, Washington (2.0 percent)
- No. 8 – Dallas, Texas (1.8 percent)
- No. 9 – Austin, Texas (1.5 percent)
- No. 10 – San Jose, California (1.1 percent)
The full report and its methodology can be found on point2homes.com."
Source: CultureMap Austin
Written by: Amber Heckler
Published: July 18, 2023
Posted by Grossman & Jones Group on
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